Which banks pay the most for PBs?

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Comments (16)

Mariah in San Francisco, California

58 months ago

Can you tell me the range that PBs at your branch earn, and whether they require a lot of cold calling/hunting to achieve that?

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UNKNOW in Jacksonville, Florida

57 months ago

Miriam28 in Phoenix, Arizona said: Does anyone know, out of curiosity, how much a licensed Pb at Wells fargo make? I think their base is higher but I am not sure how much more they make in bonusses.also, any info on being a business banker with WF? salaries, incenstives...? is it like in Chase? because here BB make good money off Pbs, which sucks...i am tired of making my BB $, really...

THE BASE IS 40K BUT THE BONUS ARE REALLY, REALLY BAD THE MAXIMON THAT YOU CAN GET IS $1500 PER MONTH AND THAT IS ONLY THE TOP 3...

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ELPARAISOBAKERY in San Bernardino, California

51 months ago

FROM PERSONAL EXPERIENCE, PERSONAL BANKERS CAN MAKE AS MUCH AS WHAT THEY DESIRED. YOU CAN TAKE SOME TIME OFF TO GO LOOK FOR BUSINESS OWNERS WHO NEED ACCOUNTS OPEN. YOU MIGHT BE SURPRISED BUT ONE COUPLE CAN GENERATE YOU 4 ACCOUNTS. JUST THINK ABOUT IT AND SEE THAT IM RIGHT.

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Taz in Philadelphia, Pennsylvania

46 months ago

By the way, during the interview process, salary was never even discussed. It is not like they were looking to get whoever would work for the least amount of money, like most banks now. Confused!

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Snake in Hawthorne, California

36 months ago

Seems like a lot of people think Chase is best to work for. What about Bank OF America, no one mentioned them. Are they good too? Or is Chase still better?

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Adam89774 in West New York, New Jersey

21 months ago

A lot of misconceptions here..
Most of the banks pay similar for the Personal Banker role. The Banks with non-competitive incentive/commission plans usually pay a higher salary.

This salary ranges from Est. 50-58k usually.

Chase pays differently. They pay a lower salary, usually Est. 37-42k. But provide uncapped incentive + bonus.

If you are financially knowledgeable and good at sales you can make good money over time.

Top personal bankers within Chase make well over 6 figures. Those who say its not possible obviously didn't bother to see the internal #s which are visible to all personal bankers as its posted every month.

Those who feel they are misleading people or doing wrong by them are not true sales people. A sales person can take a situation and make it into a beneficial opportunity for both you and your customer/client. Sales people provide mutual benefit. If you don't know how to do this you need to train yourself and learn where to find opportunity.

The top banker who is part of the private client program last year made over $215,000.
Thats working as a non-exempt employee. Meaning that you can and may hit overtime, although rare since your manager will normally keep you at 40 hours a week at a MAX.

You also get an annual bonus depending on how well your branch performs, its usually from 2k-4k, dont expect much.

Just like every job, its not for everyone but there is opportunity for people who work hard and build relationships. Its expected that to do well you should understand finance and knowledge about retail/consumer banking, mortgage and credit cards and lending products, investments and retirement accounts, business banking and loans/lines of credit, what an estate account is and how trusts work, convenience items and sticky products, good and outgoing personality and quick on your feet with problem solving and customer service. And most of all, knowing which of your partners to leverage.

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Juan in Miami, Florida

18 months ago

Since you guys asked about Bank of America I will give you my two cents. I am the top PB in my region and this year will probably finish making around 60K. I really don't feel like I work very hard to make this althou I am a hustler and I really like what I do I usually finish every month at 270% over goal. My manager is super cool and knows I don't really like all the corporate BS that the will like to put us thru I basically like things my way and since I usually do the goal for the BC myself she lets me be. On a side note I feel that if I'm making that being the top PB what are the other PBs making so I feel I'm underpaid. I don't know of any PB at Bofa making 100K let alone 60K to tell you the truth other than me. I know PBs at chase that are making around 60K and they are not that great and I know others who are making around 100K so I guess there is more oppourtunity at Chase.

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Matthew in Louisville, Kentucky

17 months ago

Juan in Miami, Florida said: Since you guys asked about Bank of America I will give you my two cents. I am the top PB in my region and this year will probably finish making around 60K. I really don't feel like I work very hard to make this althou I am a hustler and I really like what I do I usually finish every month at 270% over goal. My manager is super cool and knows I don't really like all the corporate BS that the will like to put us thru I basically like things my way and since I usually do the goal for the BC myself she lets me be. On a side note I feel that if I'm making that being the top PB what are the other PBs making so I feel I'm underpaid. I don't know of any PB at Bofa making 100K let alone 60K to tell you the truth other than me. I know PBs at chase that are making around 60K and they are not that great and I know others who are making around 100K so I guess there is more oppourtunity at Chase.[/QUOTE

If you have a cool manager like you said and if you are making 60k at BOA ..you better keep your job there, unless you love to spend 6-8 hours calling customer asking for new funds, pretty much you will be the FA and LO private secretary calling customers and updating his or her calendar and trust me you will never be good enough.The banker role has changed to much in the past 2-3 years, I regret no to finish my medical career.

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Matthew in Louisville, Kentucky

17 months ago

rsr210 in San Antonio, Texas said: I worked for Chase as a PB for a couple years before becoming a loan officer. Now this year there are two different banker roles: Personal Banker and Relationship Banker. Both have equal base salaries, which are low compared to most other banks, 28-32k with the exception of NYC being just a LITTLE bit higher. (32k is almost unheard of now these days for new hires) As a PB the potential for incentive is very limited: $600-800 per month, at manager discretion and any products you sell pay you very little. As a Licensed Relationship Banker (RB) there is way more potential for a higher incentive, but to be honest, no matter how good you are in sales, being able to succeed in getting a high incentive is really dependent on what part of town you are working in. Bankers in affluent parts of NYC are the ones who make the most incentive, and like others have said here some do make six figures. However,good luck with getting anywhere near that in any other part of the country. If you're working in a very high traffic branch in an affluent area of town you can make about 50k a year, maybe a little more if you're VERY good and are in a VERY good branch. I know bankers that have made less than $2k in incentive the whole year, because of the location they are in. Making your incentive does take a lot of hard work.

Now in terms of your sanity and satisfaction with the job it all depends in one thing: your branch manager , like jayb mentioned. If you have a good manager that really knows how to run the branch, multi-task, has a positive attitude and cares about his employees then I'm sure you'll be happy for a couple of years. But if you have a manager with very poor skills and who doesn't listen to employees or does things fairly, then you will be miserable and good luck with transferring to another branch, that is something your district manager would have to approve.

This is the most accurate response about the big C.

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Matthew in Louisville, Kentucky

17 months ago

Matthew in Louisville, Kentucky said: This is the most accurate response about the big C.

Completely agree 100%. Is not just work for them is where you work and I believe will be the same at any bank if you work where the $$$ is and the bank have a good incentive program you got the job done if you are a good banker. You can be the best banker but if your branch is locate on a low income area forget it you will be getting just your regular salary 28k-30k and maybe a little incentive if your branch receive a high score in customer service surveys.

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missy

13 months ago

Taz in Philadelphia, Pennsylvania said: Do not waste your time with Wells Fargo. Those people who run that place just incompetent morons. I have over 15 years experience in the banking industry with an excellent track records and references, but did not get the job. Seriously, I am not bitter about it, the economy is tough and there is a lot of competition out there. Cannot figure that one out.

Last month, I completed 3 interviews: phone interview, group interview and then an interview with the regional manager. The following week, the local recruiter called me to advise me that they went with someone else. OK, understood.

The next week, I get a call from a recruiter to set-up a phone interview. Huh, I was totally confused. I advised the recruiter that I just went through the whole interview process a couple of weeks ago. She just did the typical- Ugh! Duh! Hmm! She looked in the computer and said she sees I did and would check on it and call me back. She never got back with me.

All I can say is those people at Wells Fargo are "Idiots"!!!!!!!!!!!!! No communication or competence at all.

I agree as a forme employee who survived many acquisitions with this bank. Incompetence, and unethical practices to get a sale . They are interested in non experienced people they can mold to their liking . Beware

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Juan in Miami, Florida

12 months ago

Since you guys asked about Bank of America I will give you my two cents. I am the top PB in my region and this year will probably finish making around 60K. I really don't feel like I work very hard to make this althou I am a hustler and I really like what I do I usually finish every month at 270% over goal. My manager is super cool and knows I don't really like all the corporate BS that the will like to put us thru I basically like things my way and since I usually do the goal for the BC myself she lets me be. On a side note I feel that if I'm making that being the top PB what are the other PBs making so I feel I'm underpaid. I don't know of any PB at Bofa making 100K let alone 60K to tell you the truth other than me. I know PBs at chase that are making around 60K and they are not that great and I know others who are making around 100K so I guess there is more oppourtunity at Chase.

Update my previous post ^^
Ok so this year they have finally fixed the incentive plan in a way that rewards the top producers but makes it really hard for low producers to even meet the goal.I'm on track to make around 100K this year. I do feel I'm working harder this year a lot more follow up and the plan is a little complicate it you have to really understand it and be focus but hey if my salary goes up by 40K I'm ok with it. Last year I made it up making 62K which is what I told you guys I would prbably be.My base is 45K just in case you guys are interested in knowing. I may be the Top PB in the country at Bofa but can't tell you for sure since they don't send those reports they only send my regions which is about 250 Pbs. SO there you go its is posible to make 100K at Bank of America as a PB but is definately not easy.

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jf0327 in Chicago, Illinois

8 months ago

I'm also a personal banker at BOA. I would love to hear your routines and sales process you execute with your clients. I feel so controlled by the external corporate bs that I feel like a lose the ability be successful. I feel micromanaged in every way. My managers are great, but I feel we are all held hostage by decisions that are made above us. Juan, any tips/advice would be so appreciated. I'd love to exchange emails with you because I'm sure I could learn a thing or two from you.

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chubbs in Pinellas Park, Florida

8 months ago

After the district manager makes the job offer, the recruiter contacts you in regards to salary which is negotiable depending on how badly the recruiter wants you.

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cyndil in Alhambra, California

5 months ago

jf0327 in Chicago, Illinois said: I'm also a personal banker at BOA. I would love to hear your routines and sales process you execute with your clients. I feel so controlled by the external corporate bs that I feel like a lose the ability be successful. I feel micromanaged in every way. My managers are great, but I feel we are all held hostage by decisions that are made above us. Juan, any tips/advice would be so appreciated. I'd love to exchange emails with you because I'm sure I could learn a thing or two from you.

I currently work for wells as a teller. But I'm thinking of applying to be a PB at BOA. At wells, we get paid bonuses and commissions every 3 months and I've heard that chase get their commissions monthly. How often does BOA pay you guys commission and bonuses and how much is the hourly wage running there right now? wells is cool and all, but I'm really looking to advance in my career and making more money and more commission, wells really restricts you from that. I'm a struggling college student that is saving up for tuition. Any tips/hints on where to apply for PB position that could work with my school schedule?

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Anon in Rosedale, Maryland

2 months ago

Juan in Miami, Florida said: Since you guys asked about Bank of America I will give you my two cents. I am the top PB in my region and this year will probably finish making around 60K. I really don't feel like I work very hard to make this althou I am a hustler and I really like what I do I usually finish every month at 270% over goal. My manager is super cool and knows I don't really like all the corporate BS that the will like to put us thru I basically like things my way and since I usually do the goal for the BC myself she lets me be. On a side note I feel that if I'm making that being the top PB what are the other PBs making so I feel I'm underpaid. I don't know of any PB at Bofa making 100K let alone 60K to tell you the truth other than me. I know PBs at chase that are making around 60K and they are not that great and I know others who are making around 100K so I guess there is more oppourtunity at Chase.

Update my previous post ^^
Ok so this year they have finally fixed the incentive plan in a way that rewards the top producers but makes it really hard for low producers to even meet the goal.I'm on track to make around 100K this year. I do feel I'm working harder this year a lot more follow up and the plan is a little complicate it you have to really understand it and be focus but hey if my salary goes up by 40K I'm ok with it. Last year I made it up making 62K which is what I told you guys I would prbably be.My base is 45K just in case you guys are interested in knowing. I may be the Top PB in the country at Bofa but can't tell you for sure since they don't send those reports they only send my regions which is about 250 Pbs. SO there you go its is posible to make 100K at Bank of America as a PB but is definately not easy.

I would also appreciate any advice. I came from call center sales and did very well but here I feel there is too much red tape and I have trouble finding the time for everything plus making sure our lobby is covered

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